Changing your Mortgage to Buy to Let
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Changing your Mortgage to Buy to Let
James Bull explains the process of switching your residential mortgage to a Buy to Let mortgage.
Can I switch my residential mortgage to a Buy to Let?
Yes, that’s absolutely fine. People’s circumstances often change, and we’ve assisted numerous clients with this exact process.
How much equity do you need to switch to a Buy to Let mortgage?
We currently offer Buy to Let mortgages for up to 80% of a property’s value, so anything below that should be suitable.
What’s the process when changing from a regular mortgage to a Buy to Let?
First, we conduct an initial consultation, usually by phone, to gather details about your circumstances and future plans. Based on this conversation, we provide personalised advice and outline the subsequent steps.
What criteria do I need to meet to change my mortgage to a Buy to Let?
The criteria vary significantly between lenders. As such, once we’ve conducted an initial consultation, we can provide clients with personalised advice on this matter.
What happens if you rent your property and don’t change your mortgage to a Buy to Let?
Ultimately, the main issue is that you don’t have the lender’s permission to rent out the property. You’re essentially going against the terms and conditions of your mortgage. In a worst-case scenario, the lender might even recall the mortgage and give you notice that you need to pay it off.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
What is consent to let?
‘Consent to let’ is when your residential mortgage provider grants temporary permission for you to rent out your property.
How much deposit do you need for a Buy to Let?
This largely depends on market conditions and the specific products currently offered by lenders. At present, however, we do have lenders who require a minimum deposit of 20%.
How much can I borrow with a Buy to Let mortgage?
The amount you can borrow will be determined by the expected rental income of the property. We can offer personalised advice on this once you have found a suitable property.
Do I pay Stamp Duty if I change my mortgage to a Buy to Let?
Stamp Duty Land Tax (SDLT) is typically incurred when a property is purchased, or when there’s a change of ownership on the deeds. However, changing the mortgage on a property, such as converting it to a Buy to Let, does not trigger SDLT; it’s the purchase or the alteration of names that incurs the tax.
How soon can you remortgage to a Buy to Let?
We have lenders who offer day-one remortgages. So, depending on your individual circumstances, it’s often possible to arrange this straight away.
Have you got anything else you would like to add?
I believe we’ve thoroughly covered the subject. As mortgage brokers, we handle Buy to Let mortgages daily, so please don’t hesitate to get in touch if you require any advice in this area.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.
For specialist tax advice, please refer to an accountant or tax specialist.
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